On Friday, the closing of nine banks in one day was the most the FDIC has shut since the financial crisis began. The closings boost the number of failed U.S. banks this year to 115. In 1989, during the savings-and-loan crisis, the FDIC closed 534 banks, or about 10 a week. According to Independent Banking Analyst Josh Rosner, we should see 600-800 banks fail over the course of this Great Recession, which infers the recovery has a long way to go…
YRC Worldwide (Nasdaq: YRCW) — Revenue sank 45 percent to $1.31 billion as shipments remained much lower than a year ago. At the company’s national transportation unit, shipments were down about 40 percent per day in the third-quarter. YRC CEO Bill Zollars expects the economy to remain weak through the first half of 2010.
Time Warner (NYSE: TWX) — According to my sources, the publisher of People, Sports Illustrated, and 20 other magazines plans to announce more layoffs this week as the advertising slump continues to weigh on the magazine industry.
Interpublic Group (NYSE: IPG) — Last week, Chief Executive Michael Roth said in a statement that “media buyer sentiment has stabilized, but remains cautious, which makes it difficult to predict what growth will look like in 2010.”
The Washington Post (NYSE: WPO) — Earned $1.81 a share compared to $1.01 a share in the same period a year ago. Revenues rose 1.8% year over year. The print side of the business remained troubled for the media company. Newspaper publishing revenue fell 20% to $156.3 million as print advertising fell 28% during the quarter. Ad revenue at Newsweek dropped 48%!
Visibility still looks cloudy on the horizon …
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